October 29, 2008 / 7:42 AM / 9 years ago

CORRECTED - UPDATE 1-Suncor's Q3 profit up 30 pct, below forecast

(Corrects figure in bullet point to read 245,600 instead of 246,500)

* Q3 adjusted EPS C$1.04 v estimates C$1.07

* Oil sands production averaged 245,600 bpd

Oct 29 (Reuters) - Suncor Energy Inc (SU.TO), Canada’s second-biggest oil sands producer, posted a lower than expected 30 percent rise in third-quarter profit, as the company’s production volumes in the quarter were impacted by unplanned maintenance activities in its upgrading and extraction assets.

In the quarter, when oil prices rose to a record before wilting in the financial crisis, Suncor made a net profit of C$815 million ($636.2 million), or C$0.87 per share, up from C$627 million, or C$0.68 per share, in the third quarter of 2007.

The company, which last week delayed completion of its C$20.6 billion Voyageur oil sands project by a year because of falling commodity prices, said excluding one-time items, net income was C$971 million, or C$1.04 per share, up 65 percent from C$538 million, or C$0.58 per share, in the same period last year.

That fell short of the average of analysts’ profit forecasts of C$1.07 per share, according to Reuters Estimates.

Cash flow rose 41 percent to C$1.35 billion from C$957 million, a year earlier.

Third-quarter production from the company’s oil sands operations averaged 245,600 barrels per day.

Natural gas output rose 1 percent 213 million cubic feet equivalent per day

Shares in Suncor closed at C$25.40 Tuesday on the Toronto Stock Exchange. ($1=$1.28 Canadian) (Reporting by Ajay Kamalakaran in Bangalore; Editing by Greg Mahlich)

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